Specialization and Trade in Canada

successful and profitable

• specialization

• trade

• mutually beneficial

• prosperity

helps and has a positive impact on both countries

• specialization

• trade

• mutually beneficial

• prosperity

• self-sustaining

focusing or concentrating on a specific range of products and services that can be produced in a cost effective and efficient way

• specialization

• voluntary trade

• mutually beneficial

• prosperity

• self-sustaining

a market in which buyers and sellers have the right to buy and sell freely

• specialization

• voluntary trade

• mutually beneficial

• alliances

• self-sustaining

the ability to survive on only what is available

• specialization

• voluntary trade

• mutually beneficial

• alliances

• self-sustaining

Which is the best description of a successful economy?

• Mutually beneficial

• Strong trading partners

• Voluntary

• All of the above

Which is the best description of specialization?

• voluntary trade

• having many trade relationships

• offering free trading

• focusing on a range of products that are readily available

It makes sense for a country to produce everything that it is capable of.

• True

• False

How should a country produce goods and services to trade?

• Cheaply

• Quickly

• Cost effective and efficiently

• Inefficiently

Which is the best description for voluntary trade?

• A market where buyers have all the power

• A market where sellers have all the control

• A market where buyers and sellers have the right to trade freely

• A trading system where people volunteer in factories to keep costs down